Now Reading Coast Capital is a credit union. But what does that mean?
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Coast Capital is a credit union. But what does that mean?

In the 1940s banks made it difficult for people to get the loans that they needed. So credit unions came to the rescue of the communities across the province and made banking fair and accessible to all.

Back then, we put people first. And we still do the same.

There are many reasons why we’re Canada’s largest credit union by membership. We’ll let you in on the secret that explains why over half a million people trust our service today.

We’re a credit union. What does that mean?

Let’s start with the banks. Banks are owned by shareholders—people who have bought the company’s stock. As owners of the company, shareholders benefit when the value of the company grows, which happens when profits increase. And that means most decisions made at a bank are to help increase shareholder value and not to help their customers with their money.  Shareholders are the people they’re accountable to. Those are the ones they have to keep happy. And the more stocks a shareholder owns the more say they have. That can mean a lot of people get left behind.

Unlike banks, we’re owned by our members—not shareholders. So, at Coast Capital Savings, you’ll buy $5 in Membership Equity Shares when you open your account then, TA-DAH! You own a piece of the sweet Coast Capital pie. Everyone has $5 in membership shares. No more, no less. And that means we’re accountable to you. It’s our job to keep you, and anyone else who is a member, happy. You’re the one who gets a say in how we do things around here.

Why bank with a credit union?

It’s by no accident that we serve 555,000 members in Canada and we’re growing every day.  There is the secret to our, inedible figure of speech, sauce.

Save money.

Since we’re owned by our members and we don’t have to improve and grow just for profits, we have the freedom to do what’s truly best for our members – like you. It means we can put more money back into your pocket by giving you more generous interest rates and lower fees. This allows you more wiggle room in your budget to help you on the path to financial well-being. And maybe that means you can buy that unicorn painting you’ve been dreaming of – more power to you.

Be a part of something bigger.

Being a credit union also lets us to give back to our communities. In fact, every year we give back a whopping seven per cent of our pre-tax earnings to the communities we serve, with a focus on helping youth. In 2017 alone, our members helped us give $5.6 million to youth focused initiatives. Since 2000, that’s more than $71 million. By banking with Coast Capital, you’re building a richer future for youth in your community. So, hats off to you.

You have a say.

Your voice matters and it counts—literally. As a credit union, you to be a part of the decision making process through votes and elections. Every year, you are welcome to attend in our Annual General Meeting, which you can do in person or online. Plus you get to vote on Special Resolutions, like the vote we held when we wanted to become a federal credit union. And you also get a chance to vote for your favourite candidate during our Directors Election. Basically, you’re kind of running the show here.

We’re nice to everyone. Really.

You’ll find that we believe in taking our business seriously, but ourselves, not so much. We provide helpful service with a smile because we’re members too. And though we have all the same credentials as a bank, we offer a friendlier approach to banking because, well, why not?

It’s in our interest to ensure that you’re on the right financial path because as a credit union, we don’t need to increase our profit margins for our shareholders. We need a happy member base that trusts us to help and empower them to achieve what’s important in their lives through financial well-being. After all, because we work for you, you’re kind of our boss.

We’ve delivered over 75 years of simple financial help and look forward to delivering 75 more. Become a member and experience first-hand all the credit union perks and benefits. You can call to book an appointment at 1.888.517.7000 or apply online—it takes less than five minutes.